For those who live or work in Georgia, the Peach State, it’s easy to see why the quality of life here is good. From the beaches on the coast of the Atlantic Ocean to the thriving Atlanta metro area with its modern amenities, the state has much to offer. It’s an old state that dates to 1732, and as such, there’s a lot of history here, too, and it’s very clear to see that in the architecture present. Yet another benefit is the state’s beautiful natural setting, from the Blue Ridge Mountains to the national parks and local playgrounds. Georgia is home to 10.7 million people, and for some of them, the desire to start their own business is very real.

Georgia has a diverse economy. Part of it is focused on agriculture (including the peach industry). The state also has numerous businesses in areas such as mining, energy, and industrial production. Also notable is the tourism industry. There are certainly many large companies present in the state, especially in the Atlanta metro area, but the state is also home to a large number of small businesses. The U.S. Small Business Administration states there are 1.2 million small businesses operating in Georgia. Those businesses employ 1.7 million people in the state, making up a significant portion of the state’s workforce. The total payroll for those employees is $72,296,087.

To be successful, many small businesses need to have available capital to become established and grow. That’s why a number of those companies have turned to small business lenders in Georgia to help fund their growth. The most recent three years of data from the U.S. Small Business Administration indicates there are 5,546 active small business loans in the state with a total loan volume of $4,407,315,369. The average loan in the state is quite high, at $969,493. That shows just how valuable these loans are to the many businesses in the state that are dependent on them. Those businesses are within just about every sector of the state’s economy as well.

How small business loans work in Georgia

Where do those funds come from to support the growth of companies in the state? Small business lenders in Georgia offer capital to companies and owners who have a need and a proven way to repay those costs. Whether you’re opening a firm in Metro Atlanta or somewhere else in the state of Georgia, you could be eligible for local, state, and even federal small business loans. Any new business needs short-term cash to get off the ground, and that’s not what most business loans are for; instead, small business grants may be used to cover some of those expenses. Some new business owners even use their savings or credit cards to launch, but might later need more support in the form of loans.

Small business loans are a cash infusion that companies can use to support their growth or for other goals. The lender provides the funds to the borrower in return for repayment with interest. There is risk in these loans, which is why they often have competitive interest rates dependent on the qualifications the business can demonstrate. In every situation, a company needs to show they have the financial means to repay the debt. In this way, both the lender and the borrower benefit.

Small business loans in Georgia are available for many things. Though most of these loans are meant for established companies with at least one year in operation, there are some loans available to older startups. The funds can be used for a variety of things, including growing the company, improving marketing, boosting operations, hiring more people, or expanding to new locations.

They are versatile financial tools. Small business owners, entrepreneurs, and those starting nonprofits may be overwhelmed by all the options for business financing, but read on to learn more about some good places to start with your search. From microloans to grants from economic development agencies, borrowers can tap into many kinds of financing.

Lenders determine if they can offer a loan to a small business based on the company’s creditworthiness.This process looks at a number of things, including the company’s industry, its age, the financial stability it has, as well as monthly revenue. It’s wise to have an updated business plan if you’ll be seeking funding soon. Lenders also base their decision on the credit health of the company or, if the company does not have an established credit history, they will look at the business owner’s credit history.

All of this information helps the small business lender to determine how much they can lend, the format of those loans, and the interest rate. Most loans are competitive with affordable interest rates and tend to be in place for 5 to 10 years, with some variations available.

Specific grants for non-profit organizations also exist, and these are different from business loans in that they do not require repayment. However, most small business loans from banks or credit unions will have repayment terms in place. Seek out other incentives like grants or scholarships when you’re first starting. Once you have revenue to repay a loan, then it’s worth looking into your eligibility to get support from a loan fund or financial institution.

One key difference is the type of loans available. Some examples of Georgia small business loans include:

• Bank loan
• SBA loan from SBA.gov
• Business term loan
• Business line of credit
• Equipment financing

It’s common for small businesses to use this form of capital. Finding the right lender is a big part of the success a company may have using these loans. Since you may not get enough funding from a small business credit initiative or a grant, consider the loan financing options to really grow to the next level. Business capital can be hard to access without a strong history of revenue in the state of Georgia, so make sure you’ve got a strong enough track record to make your loan application compelling. This will broaden your loan options tremendously and open the doors to small business financing.

1. Wells Fargo Bank

Wells Fargo Bank was started in 1852 by Henry Wells and William G. Fargo as a bank to help customers build business and manage money. Wells Fargo Bank offers many products through its many branches to meet customers’ needs, including mortgages, wealth management, and personal and small business banking.

We reached out to Wells Fargo Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

• Offers the SBA 7(A) Loan Program and SBA 504 Loan Program.
• Loans can be used for working capital, business acquisition, equipment purchases or other purposes.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

2. United Midwest Savings Bank

Founded in 1889 as a community bank to provide for local individuals and businesses, United Midwest Savings Bank has over 130 years of experience in meeting customers’ needs. With 5 branches and 1 administrative office in the Columbus, Ohio area, United Midwest Savings banks can help all of its customers.

We reached out to United Midwest Savings Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

• Offers the SBA 7(A) Loan Program and SBA 504 Loan Program.
• Loans can be used for working capital, business acquisition, equipment purchases or other purposes.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

3. Metro City Bank

With 11 branches in Georgia and Florida, starting with the Doraville main office, metro City Bank is able to meet the needs of the communities it serves. Metro City Bank is able to provide a number of different services to its members, including business loans and personal and business checking.

We reached out to Metro City Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

• Offers the SBA 7(A) Loan Program and SBA 504 Loan Program.
• Loans can be used for working capital, business acquisition, equipment purchases or other purposes.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

4. Cadence Bank

Started in 1876, Cadence Bank has almost 150 years of experience in helping its customers in Mississippi, Texas, Florida, Missouri, Tennessee, Florida, Georgia, Alabama, Arkansas, and Oklahoma meet their needs. Cadence Bank offers a number of tools, including small business loans and personal banking tools like checking and savings accounts.

We reached out to Cadence Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

• Preferred SBA Lender
• Willing to lend across all 50 U.S. States
• Cadence Bank typically prices SBA 7(a) loans at a spread over the Wall Street Journal Prime Rate and adjusts quarterly. Pricing typically ranges from Prime + 1.50% to Prime + 2.75%, depending on the characteristics of the transaction. SBA prohibits lenders from charging a loan origination fee; however, the bank is allowed to charge a packaging fee (typically $2,500 per transaction).
• Proceeds may be used for a wide range of business purposes—including, real estate acquisition or refinancing, working capital, business acquisition, inventory acquisition, startup costs, equipment acquisition, partner buyouts, and construction/leasehold improvements.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

5. SouthState Bank

SouthState Bank offers services with over 240 locations to meet customers’ needs in Florida, North Carolina, South Carolina, Virginia, and Georgia to meet the needs of its customers. SouthState Bank provides a number of products for its customers, including small business loans and personal banking products like checking and savings.

We reached out to SouthState Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

• Offers the SBA 7(A) Loan Program and SBA 504 Loan Program.
• SBA 7(A) loans available from $100,000 to $5 million
• Loans can be used for working capital, business acquisition, equipment purchases or other purposes.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

Other resources for small businesses in Georgia

Small businesses may benefit from having access to a wide range of financial education and supportive services. The Small Business Administration of Georgia is a good starting point. The website, and the local offices, can offer help with business financial planning, marketing strategies, succession planning, and taxation. It’s an excellent, free tool to gain insight into how to build a financially healthy company.

Another valuable resource is SCORE, an organization that offers expert advice from successful business owners and industry leaders. The value here is exceptional because it is based on real experiences and challenges. Even better, the information on building companies, developing financial success, and succeeding is all available to individuals at no cost. The main office in Savannah is a solid starting point, though there is also a lot of information on the company’s website as well. Use the webinars, supportive articles, and guides to help with decision making.

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